Housing market improving in Chattanooga

CHATTANOOGA, TN (WRCB) -
Nearly 300 homes were a part of the Greater Chattanooga Association of Realtors open house weekend, giving buyers the chance to see multiple homes all in the same day.

The improving housing market has realtors like Vicki Trapp in good spirits.

"It is so much better than it was. Five years ago we hit the recession, homes were not selling, there was a lot of foreclosures on the market at that time," said Trapp, President of Greater Chattanooga Association of Realty.

Today, Trapp says they're low on inventory by 3.3 percent, taking them from a little over 5 thousand homes on the market, to just under.

"We have actually become a seller’s market instead of a buyer’s," said Trapp.

Trapp says some sellers could be happy if they choose to put their house on the market, with listing prices going up.

"Our average sales price is up, it's now $181,000 thousand and that is up from $160,000 a year ago," said Trapp.

A nearly 11 percent increase and those prices are sticking.

"Homes are selling at about 97% of what they were listed at so that's a good margin," said Trapp.

Trapp says compared to other cities, in Chattanooga you will get the biggest bang for your buck.

"Home prices are very good here, we have a great market," said Trapp. "We are very encouraged by what the market is doing, we do see it is continuing to improve."

If you weren't able to go and check out any of the open houses today, click here for their listings.